Darlees.com

We often get people asking us “How can I claim tax back” or “Can I get a tax refund” & whenever we secure the refund our clients are always very happy, as you would maybe suspect. Recently we have begun to look at things from a different perspective. And so… So far so good. We should not actually be unhappy to receive a tax refund & if we ever owe money to the Inland Revenue we should be happy. The reason behind this thinking is that if we’re due a tax refund it means that we have unnecessarily paid tax throughout the year & have effectively given the government a interest free loan for 12 months.

Imagine if you’re given a tax rebate of one thousand pounds. If this one thousands pounds was put into an instant access savings account for year at five percent it would have returned a gross amount of 50 pounds. For this reason the cost to us of having the tax refund is 50 pounds.

Let me put it another way, how would you feel about this: You give me 100 pounds out of your wages each month, & in a years time I’ll give you one thousands two hundred pounds. It does not sound as attractive now does it?

The opposite is also true, we should be very happywhen we owe the government tax, it means that they have given us an interest free loan. This thinking might help put a sugar coating on any tax payments you might have.

http://www.taxfix.co.uk
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